Oil Prices Fall After Trump Delays Planned Strike on Iran

Erbil (Kurdistan24) - Global oil prices fell more than two percent on Tuesday as Asian markets opened after US President Donald Trump announced he would delay a planned strike on Iran to allow room for negotiations aimed at ending the war in the Middle East.

Brent crude futures for July delivery dropped by $3.01, or 2.7 percent, to $109.09 per barrel, while US West Texas Intermediate crude for June delivery fell by $1.38, or 1.3 percent, to $107.28 per barrel.

The decline followed weeks of sharp increases that pushed both benchmarks to their highest levels since the beginning of May amid fears of a wider regional war and disruptions to global energy supplies.

Trump said on Monday there was a “very good chance” of reaching an agreement with Iran that would prevent Tehran from obtaining a nuclear weapon.

Market analysts said Trump’s remarks helped ease immediate pressure on energy markets, although major concerns remain, particularly regarding the Strait of Hormuz, through which nearly one-fifth of the world’s oil supply passes.

Oil and gas prices surged dramatically after US and Israeli attacks on Iran and Tehran’s subsequent closure of the Strait of Hormuz, one of the world’s most strategically important maritime routes.

The continuing instability has intensified fears over global supply disruptions and placed additional pressure on international energy markets already strained by war and inflation.

According to data published by the Iran War Cost Tracker, US military operations against Iran cost Washington more than $85 billion during the first 79 days of the war.

The platform said the figure includes troop deployments, the movement of naval forces into the region, and other operational expenses linked to the conflict.

The estimate is nearly three times higher than the $29 billion figure previously announced several days earlier by Jules Hurst, acting comptroller at the US Department of Defense.

Meanwhile, researchers at Brown University said in a recent report that the war has also placed growing financial pressure on American households.

According to the report, gasoline prices increased by 51.4 percent, while diesel prices rose by 53.4 percent.

Researchers estimated the rise in energy prices has so far imposed more than $42 billion in additional costs on US consumers, averaging approximately $322.47 per American household.

The current conflict began on Feb. 28, 2026, at 10 a.m. US time, when the United States and Israel launched coordinated airstrikes against Iran that killed several senior Iranian officials.

Iran later responded with missile attacks targeting Israel as well as multiple US military bases and installations across the region.